Sen. Dodd forgoes provision requiring fiduciary standard

03/21/2010 | InvestmentNews (free registration)

Christopher Dodd, chairman of the Senate banking committee, decided to drop a provision in legislation overhauling financial regulation that would have required anyone advising on investments to be held to a fiduciary standard. Proponents of the standard vowed to continue advocating for the change. "We remain committed to a federal fiduciary standard established by [Securities and Exchange Commission] rulemaking," wrote Andrew DeSouza, a spokesman for SIFMA.

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